Clerk on a motion to not disclose the closed session deliberations [roll call] clerk mr. Chair, there are three ayes. Chair mar thank you, mr. Clerk. Is there any further business . Clerk that concludes our business for today. Chair mar great. We are adjourned. Take care. Good morning. The meeting will come to order. The december 3rd meeting. I am joined by Committee Member peskin. Committee member haney will be joining us. I would like to thank sfgovtv for staffing this. Do you have announcements. In order to protect the public and City Employees during the Health Emergency the board of supervisors legislative chamber and Committee Room are closed. This is taken pursuant to local state and federal orders and directives. Committee members will attend through video and participate to the same extent as if physically present. Public comment is available for each item on the agenda. Both cable channel 26 and sfgovtv are streaming the call in number on your screen. Your opportunity to spea
Dont bet against progress thats the lesson for todays stock market where the gross name came roaring back the nasdaq surged 3. 85 . I know what you are thinking. It feels like the whole republic fringes. Well, excuse me. We are having one of the greatest rallies i have ever seen despite all the worries, the woes about the market tanking if Election Night was in indecisive indecisive like it or not, the people spoke. Whether biden or trump ends up on top, it looks like buy den right now. The democrats will have the house and the republicans will have the senate. At least two years of boring do nothing government even with the pandemic and the high unemployment and of course just kind of anger, americans seemed satisfy with the status q quo. They certainly dont want higher taxes. Something that would have been on the agenda if the socalled blue wave has washed in. Thats a big deal. I know based on the polling, i was worried what may happen to stock with a blue wave just stocks. I am sure
Todays action dow gaining 140 and nasdaq surging 1. 71 the market reflected everything going right, but totally obscured everything going wrong. Its a tale of two cities. It was the best at times and worst at times but on up days, we focus d on the best and ignoe the rest what do i mean lets start by going over the winners today to see what they are trying to say. You have to define them. They speak to you. The stars of reteail tell the story. The most important winner is amazon this morning, analysts who missed nearly the whole rally here took the recent pull back as an opportunity to upgrade it was very significant. I liked everything in the support from approval to the patience you see, he waited for a double digit decline before he pounced. Most people were flying. Not him. I like that. In recognition of the incredible strength with rapid delivery and the fly wheel approach he says buy amazon is there anything in this note actually, yes. You can make the same arguments about amazon
Thats the worst performance in two weeks. The dow has been down. Nasdaq have been down five out of six the tech selloff was worst it continued down 3 led lower by stocks like apple the same old story big volatility coming. Those are really the tail thats been wagging the dog for a while. Youll see the nasdaq is lower once again the other two averages hanging in there the s p on the flat line nasdaq down another 50 points. Fur watching what is happening over the last two months they closed. Dow at the lowest level since the third. The 10year sitting at 0. 66 the story that seems to never end, tiktok. Here we go the owner bytedance applying for an export license in china as it pushes for a deal in oracle and walmart. They did not mention the pending deal and technology it was seeking to support calling the deal dirty and unfair they have no reason to approve it all of this raising questions about that prospect and what that would ultimately look like. What happened earlier in the week we
Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work